This paper examines the effects of Islamic banking on the causal linkages between credit and GDP by comparing two sets of seven emerging countries, the first without Islamic banks, and the second with a dual banking system including bothIslamic and conventional banks. Unlike previous studies, it checks the robustness of the results by applying both time series and panel methods; moreover, it tests ...
Losing a job after age 60 in Germany is virtually equivalent to the end of one’s working life. Roughly 25% of job exits after age 60 are involuntary with considerable variation along region, age, tenure and education. Considering this, I estimate a structural model of retirement timing in the presence of labor market frictions. A subsequent ex-ante policy analysis is meant to illustrate the...
On 11th of December 2015, seven junior scientists received their certificates at the 2015 Commencement Ceremony of the Graduate Center at the German Institute for Economic Research (DIW Berlin). On hand to congratulate the students were DIW Berlin President Marcel Fratzscher, GC Dean Helmut Lütkepohl, and the new Chairman of the DIW Berlin Board of Trustees, Prof. Dr. Axel A. Weber.Prof. Dr. Weber, ...
Seven junior scientists received their certificates at the 2015 Commencement Ceremony of the Graduate Center at the German Institute for Economic Research (DIW Berlin) on December 9, 2015. On hand to congratulate the students were DIW Berlin President Marcel Fratzscher, GC Dean Helmut Lütkepohl, and the new Chairman of the DIW Berlin Board of Trustees, Prof. Dr. Axel A. Weber.
While the European Parliament calls for a binding 40% energy efficiency target for 2030, the Council only agreed to non-binding 27 % and an option to raise to 30% before 2020. Germany seems to still lag behind achievement of its Energiewende target of 20% less energy consumption in 2020 and the EU's requirements. Currently, three major EU energy Directives - the EED, the EPBD, and the Labelling...
Many statistical applications require the forecast of a random variable of interest over several periods into the future. The sequence of individual forecasts, one period at a time, is called a path forecast, where the term path refers to the sequence of individual future realizations of the random variable. The problem of constructing a corresponding joint prediction region has been rather...
We study the interaction between contracting and equilibrium pricing when risk-averse hedgers purchase insurance from risk-neutral investors subject to moral hazard. Moral hazard limits risk-sharing. In the individually optimal contract, margins are called (after bad news) to improve risk-sharing. But margin calls depress the price of investors' assets, affecting other investors negatively....
